Different Types of Employee Benefits You Should Be Offering

Employee benefits that your company offers are what attract and keep talented people working by your side. It is not enough just to offer the benefits mandated by law, like minimum wages, because there is surely somebody on the market who will offer a better deal. Keeping the employees happy and motivated is what makes your business prosper and that is why you should offer only the best.

Health Insurance

Offering a great health insurance deal is usually the key factor when the potential employee is deciding whether to stay or go. There are multiple health benefit plans to choose from, such as insurance for the whole employee group. Without it, the employee would be paying huge fees for medical emergencies, dentists, prescription medicine, or vision care. That could be extremely costly and the collected debt could put a strain on a person’s mental health and stress levels. Many surveys have shown that health insurance is the first on a list of required benefits.

Life Insurance

Life insurance is what protects the family in case of an employee’s passing. Even if it is one of the more morbid plans anyone would be encouraged to make, it is what the loved ones of the deceased get to lessen the fees that come with their death. In many companies, they are offered as a company deal, which pays off more as taking out private life insurance that is more costly. They are offered universally in medium and larger companies. For many people, this is one of the deal-maker benefits for workers. For life insurance, you need to select the best insurance company.

Flexible Working Hours

For most workers, having the opportunity to improve their work-life balance is a huge plus. More vacation time, flexible hours, and the opportunities to work from home are what sometimes make lower paid job opportunities overweigh the higher-paid ones. According to Clay Burnett Group, the more well-rested and rejuvenated are your workers the more productive and motivated they are. This could be a deciding factor when your potential employee is a parent. Oftentimes, people are made to take unpaid leave in case of an emergency, and with flexible working hours, they will be able to finish the job when they feel well enough to do it.

Retirement Benefits

Retirement benefits are important for workers to have a comfortable and worry-free lifestyle even after they finish their careers. That is one of the main concerns of every person. Most, but not all, of the companies nowadays offer great retirement plans. Sometimes, if left without it, a common employee would miss saving for their retirement in the midst of all of the everyday fees and debts that they are required to pay off. That could lead to a life of poverty in their old age, and everyone wants to avoid that.

Disability and Workers Compensation

You have the option of offering long-term or short-term disability compensation to your workers. This type of insurance offers to pay off a certain part of the salary if the employee is sick or unable to work in any way. The portion which is paid off depends on whether the illness is short or lasts for a longer duration of time. Offering this type of compensation is not that common, which is why it would surely be a meaningful bonus.

Furthering the Education

Many studies have shown that those that have a college education earn about a quarter more than those without it. That is a great motivation for employees, who will appreciate the employer more if they offered to pay a part of the tuition for them. Besides that, promising them a promotion if they get their degree will motivate them to perfect their knowledge and raise the quality of work of the whole company. However, it is not all in tuition reimbursement. Paying for seminars, webinars, conferences, or skill courses would also be of great importance when dealing with daily tasks and maintaining your business growth.

Wellness Benefits

Wellness benefits are not expensive for the employer and help maintain a healthy and active work community. This is a common practice, as the state of happiness and productiveness of the workforce has skyrocketed wherever this system was implemented. These benefits include free company gym membership or membership in some other fitness program. Also, there are a few weekends in the year that are used for worker’s sports games.

When interviewing people for a job in your company, you should remember that they offer you their work and time, but you also need to offer them something in return besides fulfilling their basic needs. There are government-mandated benefits that every worker should have, but adding something more original to the deal will motivate them further. The key to every business success lies in happy and productive workers.